India: SAIL Receives Moderate Response in Recent Pig iron Auction
Steel Authority of India Ltd (SAIL) - India's largest steel maker conducted e-auction for 13,800 MT Steel grade Pig iron today from its Rourkela Steel plant (RSP) based in eastern India.
In this auction, the producer has received average response as about 3,000 MT (22%) material have been booked at the base price of INR 27,400/MT, which is similar against last auction held on 27th Feb'19 for 15,000 MT in which about 90% material (13,500-14,000 MT) remained unsold.
Private producers keep offers firm -
The private pig iron producers in Durgapur & Jharkhand, eastern India has maintained offers on average response and with assumptions of slight change in NINL (Neelachal Ispat) latest price circular which is due since 28th Feb'19.
NINL is India's largest producer & exporter, the company's last domestic offer for steel grade pig iron was at INR 26,750-27,150/MT ex-plant, Cuttack, eastern India.
-- Neo Metaliks is offering steel grade pig iron at around INR 28,200/MT & Foundry grade at INR 32,500/MT; ex-plant, Durgapur.
-- As per sources, Mesco Steels in Jajpur, Odisha is offering steel grade at INR 26,900-27,000/MT ex-plant. The prices are more or less firm against last week offers.
-- Jharkhand based merchant pig iron suppliers has offered steel grade at INR 27,600-27,800/MT ex-plant.
-- Central India - Raigarh based Jindal steel has rollover prices at INR 28,000/MT. Meanwhile a private producer in Raipur being offering pig iron in open market at INR 28,100-28,200/MT. The prices are ex-plant & for Steel grade.
-- Stockiest in northern India- Ludhiana trading steel grade pig iron at INR 30,600-30,700/MT & Foundry grade at INR 34,400-34,600/MT, FoR & excluding GST.
source: SteelMint
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